(News Bulletin 247) – Invest Securities lowers its advice on the Continental share, going from ‘buy’ to ‘neutral’, with a price target reduced from 86 to 84 euros, while the Q4 comes out ‘just satisfactory’, estimates the analysis office.
‘The 2023 guidance is favorable in a ‘relaxed’ context with higher than expected margin guidance in Auto, helped by growth above +7% and by the recovery of ContiTech’, reports the analyst.
Invest Securities adds that its EPS 22/23/24, ‘already optimistic’, have been revised respectively by -15.5%/-6%/-7.2%, reflecting growth in EPS 2023/24 of +28.4% /+18.3% reflecting the recovery in Auto and at Contitech, but with increased financial charges.
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